The PCCC Executive Committee is pleased to inform you that on May 31, 2023, both New York State Legislature branches passed a four-year extension on the Coop and Condo abatement. The bill number in the New York State Senate is S.4972-A; in the Assembly, it is A. 3252. The law passed unanimously in the Assembly. The bill must still be signed by the Governor, which is expected to happen.
The extension was the result of our partners in government understanding the issues that affect our members and taking action. The PCCC Executive Committee would like to send a heartfelt thanks to State Senator John Liu and Assembly Member Ed Braunstein for their leadership on this crucial issue. The PCCC works closely with both offices and appreciates the attention they pay to crucial issues affecting our members. The Annual Abatement is a critical tool in helping Coops and Condos balance their budgets in this inflationary time. Four more years of this Abatement will allow a clearer path for Boards to set their budgets in the near future.
LINK HERE FOR THE BILL: